Mumbai: Foreign investors dropped their long net exposure to 32 per cent, the lowest since May 18, 2020. The Nifty succeeded in defending its expiry day low of 10194 while the Nifty Bank bounced off the rising 20-day average at 20982. The Handy Midcap index has continued to maintain its moving average support of 100 months. India VIX extended its decline to three months in a row.
India’s frontline indices started on a negative note the week, with both the Nifty & Nifty Bank falling for the day. Nonetheless, the Nifty recovered nearly a percent from the low of the day and managed to close above 10300 while Nifty Bank recovered 1.5 percent from the low of the day following a fall of over 5 percent in RBL bank.
Small & Midcap, the larger market indices, snapped off their 2-day gain streak. The Nifty Realty extended its decline to 4 days in a row, reporting the highest single-day decline since May 18, 2020. Indexes from PSU Bank and Metal reported their worst day since June 11, 2020.
International investors provisionally sold Indian equities worth Rs 1,937 in the cash segment and sold Rs 2,385 in the futures & options market. Compared to the previous day, they the net long exposure from 42 percent to 32 per cent. That’s also below the 51.6 per cent June average. In the cash market Indian equities worth Rs 1,036 crore were bought by domestic institutions.